What is a Guaranteed Investment Certificate (GIC)?

If you want to study in Canada, you need to prove that you have enough money to support yourself during your stay. This is essential not only for your tuition fee but also to cover your living costs. You are required to show that you possess assets of at least 10,000 CAD even before you arrive in Canada. A smart solution to help you meet this financial requirement is a Guaranteed Investment Certificate, or GIC.

GICs work by asking you to leave your funds in the account for a set amount of time. This is called the term of the GIC. Once the term is up, you can then access your money along with the interest it has earned. When you put money in a GIC account, it guarantees you a fixed interest rate over a certain period. In simple terms, your money grows while it is secured in this account.

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What is the Need for a Guaranteed Investment Certificate for Canada?

A GIC holds significant importance because it ensures:

  • Financial assurance: A GIC ensures the Canadian government that you have enough funds to comfortably support yourself during your time in Canada.
  • Smooth visa/study permit process: Having a GIC facilitates the process of the required visa/study permits. A GIC of C$10,000 from an approved Canadian bank serves as a pivotal step in demonstrating your financial readiness as you move to Canada for higher studies.

Application Process for GIC Account

Here’s a step-by-step guide to apply for GIC:

  • Sign up for Bank Secured Email Service
  • Provide necessary personal and educational details
  • Fuel your GIC account with the required amount, typically C$10,000, as specified by the financial institution.
  • Apply for a study permit or visa
  • Execute the necessary documentation formalities upon your arrival in Canada
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Why Choose Career Launcher for GIC Canada?

We understand how important a smooth GIC process is. Our dedicated team is here to help you understand and meet the financial requirements for your study permit with ease. We'll answer your questions about choosing the right financial institution and connect you with trusted options for opening your GIC account. You can trust us to be your partner as you get financially ready for this exciting chapter of your life.

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Other Services

In addition to GIC assistance, we offer other significant services to smoothen your study abroad journey:

Education Loan
Student Forex
Student Accommodation
VISA Assistance

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USA
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FAQs

Canadian banks like ICICI Bank Canada and Scotiabank offer GIC service. The process involves completing an application form with personal and academic details. Once you have submitted your application, you will receive an investment account number. You will have to transfer C$10,000 along with a C$150 processing fee from an Indian bank account to fund your Canada Student GIC Program account.

A GIC is essential for a Canadian student visa as it validates your financial readiness to sustain yourself during your studies in Canada. A GIC obtained from an approved Canadian financial institution serves as proof of funds and showcases your commitment to a stable financial experience throughout your academic journey in Canada.

Canadian government student loan programs, along with major banks and credit unions, offer diverse financial assistance options to students. It's advisable to thoroughly research and compare interest rates, repayment terms, and benefits to make an informed decision aligning with your financial needs and goals.

GIC is mandatory for students applying via the SDS category.

To use a GIC account, students should transfer funds from their primary account into the GIC account in Canadian currency. If you want to study in Canada through the SDS program, you need to save money for a year's living costs in this account. The interest rate you get from this account usually stays the same, unless you choose a different kind. But remember, you can't take out the money early.

Once you arrive in Canada, you will need to visit the branch of the financial institution where you purchased the GIC. You'll need to provide identification and documentation to confirm your student status and identity. The bank will then activate your GIC account and guide you on how to access your funds.

One advantage is the guarantee of returns - you receive a fixed amount of interest over a specific time, making your investment secure. GICs can also serve as proof of having enough funds for your study permit application. Moreover, GICs encourage disciplined saving because the money you put in stays locked for a certain period, preventing you from spending it impulsively.

Yes, it is compulsory to have a PAN card for GIC transfer.

Yes, some banks like SBI provide GIC loans, given that you have your account opened with them.

The GIC deposit amount required for a Canadian student visa application is usually CAD $10,000. However, GIC deposit requirements can change, so make sure to verify the current amount on the official websites of the participating financial institutions or the IRCC.

You can typically check the balance on your forex card through online banking, mobile apps provided by your bank, or by contacting the bank's customer service.

If you lose your forex card abroad, you should immediately contact the customer service of your bank to report the loss. They can help you block the card and guide you through the process of getting a replacement card or emergency cash.

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